The signal from last week’s bullish engulfing candle on ASX 200 SPI futures has proven reliable so far, with the price rocketing above 7900 on Monday, providing a platform to establish long positions around.
With optimism building over trade deals between the United States and major partners, including China, bulls may look to enter above 7900 with a stop beneath for protection. The 50-week moving average screens as a potential target, with futures bouncing strongly from it the last three times it’s been tested.
If the price reverses and closes below 7900, the bullish bias would need to be reassessed.
Momentum indicators remain net-bearish, though RSI (14) is lifting toward neutral. Given the headline-driven nature of the market, these signals may be less reliable than usual.
Good luck.
DS
With optimism building over trade deals between the United States and major partners, including China, bulls may look to enter above 7900 with a stop beneath for protection. The 50-week moving average screens as a potential target, with futures bouncing strongly from it the last three times it’s been tested.
If the price reverses and closes below 7900, the bullish bias would need to be reassessed.
Momentum indicators remain net-bearish, though RSI (14) is lifting toward neutral. Given the headline-driven nature of the market, these signals may be less reliable than usual.
Good luck.
DS
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